- Ripple co-founder Chris Larsen donated 1.7 million XRP to Kamala Harris’ 2024 presidential campaign, marking the first major crypto contribution to the Democrat party.
- However, Donald Trump remains the preferred candidate among crypto traders, with 54% supporting him over Harris.
Ripple co-founder Chris Larsen has made headlines with his $1 million donation to Vice President Kamala Harris’ 2024 presidential campaign. Larsen contributed 1.7 million XRP tokens to Future Forward PAC, a political action committee supporting Harris. This crypto donation is the first of its kind to the Democrat party’s campaign and was converted to stablecoin USDC to avoid market volatility.
Cryptocurrency has emerged as a key issue in the U.S. presidential election. Kamala Harris’ campaign has shown support for digital assets and other innovative technologies like artificial intelligence. Her administration promises to foster these developments, making her platform appealing to sectors of the tech and crypto industries.
Despite Ripple’s backing of Harris, former President Donald Trump remains the favored candidate among crypto enthusiasts. Data from Polymarkets, a prediction market platform, shows 54% of crypto bettors supporting Trump, while only 45.1% back Harris. Trump’s promises to end the “unlawful” crackdown on the U.S. crypto industry have solidified his standing with many in the crypto space.
XRP Price Performance Stagnates Amid Legal Battles
While other cryptocurrencies have enjoyed gains, XRP has struggled. On October 13, XRP opened trading at $0.54, continuing a sideways trend that has lasted for over 10 days. Ripple’s ongoing legal battle with the SEC has likely contributed to the token’s poor performance, with resistance at the $0.55 price level. Without a clear breakout, XRP is expected to remain range-bound, with downside risks if it fails to hold the $0.52 support.
Larsen’s donation is a bold move in a critical time for Ripple, which continues to face litigation challenges. The endorsement of Harris could help the firm lobby for favorable crypto regulation, which may benefit Ripple in the long run. However, with Trump leading the polls among crypto traders, Ripple’s choice to back Harris could hurt XRP’s short-term performance.
Ripple’s influence and the broader crypto community’s stance on the candidates will be closely watched as the election nears.
